Sterling was held in relatively narrow ranges on Thursday with no further adjustment in bank of England rate expectations and global developments tended to dominate. The UK currency was hampered by a weaker tone in risk appetite against the dollar before finding support.Bank of England MPC member Tenreyro maintained a dovish stance with comments that the central bank may have already tightened too much.
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Euro-Zone consumer confidence recovered slightly to –17.5 for April from –19.1 previously. ECB council member Knot stated that it was too early to talk about a pause in rate hikes and the minutes from March’s policy meeting commented that a number of members were concerned that inflation forecasts were too benign.
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The Philadelphia Fed manufacturing index deteriorated further to –31.3 for April from –23.2 previously. This was weaker than consensus forecasts of –19.2, the eight successive negative reading and the weakest reading since May 2020. New orders, unfilled orders and shipments all remained in contraction territory, but the rate of decline did slow on the month.
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